Author: rafferty

Another Small B/D to Close Up Shop

May 26, 2015
By Diana Britton, WealthManagement.com

After five years in business, David Kassir, owner and CEO of Falls Church, Va.-based broker/dealer Manna Capital Management, closed up shop this month. He then joined Wells Fargo Advisors Financial Network as an independent practice, bringing with him $77 million in assets.

“There’s no way on Earth one or two people can run a broker/dealer and sustain in this environment and be profitable,” Kassir said. “Unless the regulations change, it’s a broken model and that we will continue to see … compression in the industry.”

More b/ds are following the same path due to, many say, increased administrative and regulatory burdens. Often, the principals of those small shops are moving on to larger firms.

Ameriprise To Buy Florida-Based JHS Capital

April 28, 2015

By Megan Leonhardt, WealthManagment.com

Ameriprise Financial is set to acquire Tampa-based JHS Capital in a deal that will add 150 advisors and $4.1 billion in client assets to the Minneapolis-based firm’s balance sheet.

Ameriprise said Tuesday it signed a definitive agreement to acquire the retail assets of JHS. Details regarding the cost of the deal were not disclosed.

“This is a natural fit in terms of both firms’ shared commitment and dedication to providing outstanding service to clients. We look forward to helping JHS advisors grow and serve their clients under the Ameriprise banner,” Neal Maglaque, Ameriprise chief operating officer and head of business development within the company’s advice and wealth management division, said in a statement.